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Author Topic: U.S. trade deficit drops 4.7% to 5-month low, helped by first oil surplus since 1978  (Read 816 times)

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Offline IsailedawayfromFR

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U.S. trade deficit drops 4.7% to 5-month low, helped by first oil surplus since 1978
« on: November 05, 2019, 02:52:13 pm »
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The numbers: The nation’s trade deficit fell almost 5% in September to a five-month low, aided by the first surplus in petroleum since at least 1978 and a decline in imports from Germany and China.

The deficit slid to $52.5 billion from a revised $55 billion in August, the government said Tuesday, matching the forecast of economists polled by MarketWatch.

Yet even after the decline in September, the U.S. is still on track to post an even larger trade gap in 2019 than it did in 2018.

For the first time since the government began keeping track in 1978, the U.S. posted an overall surplus in petroleum totaling almost $300 million.

The remarkable change from being a longtime net importer of oil stems from a fracking revolution that has turned the U.S. back into an energy superpower.
https://www.marketwatch.com/story/us-trade-deficit-drops-47-to-5-month-low-helped-by-something-that-hasnt-happened-since-1978-2019-11-05
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Re: U.S. trade deficit drops 4.7% to 5-month low, helped by first oil surplus since 1978
« Reply #1 on: November 05, 2019, 02:56:48 pm »
Still too high.  But it is a start anyway.   The Obama economy is finally in top gear,  /s
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Offline IsailedawayfromFR

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Re: U.S. trade deficit drops 4.7% to 5-month low, helped by first oil surplus since 1978
« Reply #2 on: November 05, 2019, 03:27:36 pm »
Quote from: The Ghost on November 05, 2019, 02:56:48 pm
Still too high.  But it is a start anyway.   The Obama economy is finally in top gear,  /s
Agreed.

But think how hi it would be under Obama's throttling of oil production.
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Re: U.S. trade deficit drops 4.7% to 5-month low, helped by first oil surplus since 1978
« Reply #3 on: November 05, 2019, 03:53:08 pm »
Quote from: IsailedawayfromFR on November 05, 2019, 03:27:36 pm
Agreed.

But think how hi it would be under Obama's throttling of oil production.

The "We Just can't Drill our way to lower gas prices" president!  What an economic genius he was.  Turns out drill, baby, drill was exactly what was needed.
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Offline thackney

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Re: U.S. trade deficit drops 4.7% to 5-month low, helped by first oil surplus since 1978
« Reply #4 on: November 05, 2019, 04:47:57 pm »
4-Week Avg U.S. Net Imports of Crude Oil and Petroleum Products
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=wttntus2&f=4

The 4 week average finally hit zero.  Not just a one week spike like before.
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